Slide 1: The Future of Sustainable Nutrition: FY 2025 Preliminary Statement of Results
The Future of Sustainable Nutrition FY 2025 Preliminary Statement of Results 17 February 2026
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer: Forward Looking Statements This presentation/announcement may contain forward looking statements with projections regarding, among other things, Kerry’s strategy, revenues, earnings, EBITDA, EBITDA margin, finance costs, tax rate, capital expenditure, dividends, share buybacks, cash flow
Slide 3: FY 2025 Preliminary Statement of Results
FY 2025 Preliminary Statement of Results Edmond Scanlon Marguerite Larkin Chief Executive Officer Chief Financial Officer © Kerry 2026 | 3
Slide 4: FY 2025 Overview
FY 2025 Overview Strong End Market Outperformance EBITDA Margin Volume Growth Expansion CCY EPS Growth +3.0% +80bps +7.5% And Continued Strategic Development © Kerry 2026 | 4
Slide 5: FY 2025 Overview: Continued Strategic Development
FY 2025 Overview Continued Strategic Development Targeted Investments & Portfolio Developments Enhanced Developed Technology New Innovations Capabilities Strengthened Strategic Customer Footprint Innovation Expansion Network © Kerry 2026 | 5
Slide 6: FY 2025 Business Performance Review
FY 2025 Business Performance Review 2025 Performance Continued strong end Revenue €6,758m +3.0%¹ market outperformance and EBITDA €1,208m +5.7%² EBITDA margin expansion EBITDA margin 17.9% +80bps • Volume growth of 3.0% (Q4: +2.8%) - well ahead of food & beverage end markets • Pricing of -0.3% (Q4:
Slide 7: Business Review: End Use Markets
Business Review: End Use Markets Performance by EUM +3% +2% Food achieved growth across all categories +7% +8% • Snacks – strong growth in savoury taste and TastesenseTM salt reduction technologies • Bakery – strong performance in enzymes, preservation and +1% Volume +1% taste systems Growth By EUM
Slide 8: Regional Review: Americas
Regional Review: Americas Continued Strong 2025 Performance Performance across both Revenue €3,674m +3.8%¹ North America and LATAM EBITDA margin 20.3% +60bps • Volume growth of 3.8% (Q4: +4.4%) • EUMs: Growth led by Snacks, Dairy and Bakery • Channels: Strong growth across both retail and foodservic
Slide 9: Regional Review: Europe
Regional Review: Europe Softer Q4 volumes, 2025 Performance with strong margin Revenue €1,440m -0.5%¹ expansion in the year EBITDA margin 17.5% +90bps • Volumes of -0.5% (Q4: -2.6%) • EUMs: Growth in Beverage and Snacks more than offset by performance across other Food EUMs • Channels: Retail volume
Slide 10: Regional Review: APMEA
Regional Review: APMEA Good overall performance, 2025 Performance with growth led by Revenue €1,644m +4.2%¹ Southeast Asia EBITDA margin 16.7% +70bps • Volume growth of 4.2% (Q4: +4.2%) • EUMs: Growth led by Bakery, Meat and Meals • Channels: Foodservice achieved good growth with solid growth in ret
Slide 11: FY 2025 Financial Review
FY 2025 Financial Review © Kerry 2026 | 11
Slide 12: FY 2025 Financial Overview
FY 2025 Financial Overview Revenue €6.8bn +3.0% Volume Growth 2024: €1,188m EBITDA €1,208m +5.7% organic growth EBITDA margin 17.9% +80bps +7.5% constant currency¹ Adjusted EPS 481.5c +3.0% reported¹ Basic EPS 400.2c 2024: 424.5c¹ ROACE 10.6% 2024: 10.6% Free cash flow €643m 81% cash conversion 1 Pr
Slide 13: Revenue Analysis
Revenue Analysis 2024 2025 -2.5% Volume Transaction FX Price Acquisitions / Translation FX +3.0% Disposals +0.1% -0.3% -3.9% -1.4% © Kerry 2026 | 13
Slide 14: Strong EBITDA Margin Expansion
Strong EBITDA Margin Expansion +80bps €1,188m €1,208m 2024 Operating Leverage Net Price Accelerate Programme Currency Acquisitions net 2025 / Portfolio Mix Cost Initiatives of Disposals EBITDA 17.1% 0.2% 0.0% 0.4% (0.1%) 0.3% 17.9% Margin © Kerry 2026 | 14
Slide 15: Free Cash Flow
Free Cash Flow 2025 2024 * €m €m EBITDA 1,208 1,251 Movement in average working capital (75) 29 Pension contributions paid less pension expense (9) (12) Finance costs paid (net) (74) (44) Income taxes paid (107) (108) Capital expenditure (net)¹ (300) (350) Free cash flow 643 766 Cash conversion² 81%
Slide 16: Maturity Profile of Net Debt
Good Debt Maturity Profile and Strong Credit Metrics Maturity Profile of Net Debt Total Net Debt of €2.2bn €751m €748m Undrawn €1.5bn RCF €500m €512m 2025 2026 - 2028 2029 2030 2031 2032 2033 2034 - 2035 2036 €348m Weighted average maturity of debt is 6.5 years Key Credit Metrics 2025 2024 Net debt:
Slide 17: Accelerate 2.0: The Next Stage of Kerry's Organisational Development
The Next Stage of Kerry’s Organisational Development 2022 - 2025 2025 - 2028 Accelerate 2.0 • Manufacturing Excellence Footprint Optimisation | Digital Excellence • Supply Chain Excellence Enterprise-wide initiative: Digital organisation enablement: → Manufacturing footprint → Operations → Supply ch
Slide 18: Other Financial Matters
Other Financial Matters Finance costs €52.2m (2024: €53.5m) Pension Net surplus of €53.3m Non-trading items Predominantly Accelerate programmes Input costs Broadly neutral, with deflation in Q4 Taxation Effective Tax Rate of 14.1% Capital Returns Share buybacks €500m | Dividends paid €215m 2025 EPS
Slide 19: Outlook and Future Prospects
Outlook and Future Prospects © Kerry 2026 | 19
Slide 20: Progress Update Vs Medium-Term Targets (2022-2025)
Progress Update Vs Medium-Term Targets (2022-2025) STRONG PERFORMANCE ACROSS OUR KEY METRICS Growth Return Sustainability Average Volume Growth¹ Carbon Reduction⁴ Average Cash Conversion % +3.8% >300bps market outperformance 52% On track to achieve 55% reduction by 2030 88% Good cash generation ahea
Slide 21: FY 2026 Outlook
FY 2026 Outlook → Kerry’s continued strong end market outperformance highlights the strength and relevance of its strategic positioning across its markets, channels and customer base. → The Group will continue to further advance its strategic business development, while supporting its customers as t
Slide 22: Appendix
Appendix © Kerry 2026 | 22
Slide 23: Revenue Components 2025
Revenue Components 2025 Transaction Translation Acquisitions / Reported Volume Price Currency Currency Disposals Revenue Americas 3.8% (0.1%) 0.1% (5.2%) (1.0%) (2.4%) Europe (0.5%) - - (0.1%) (3.7%)1 (4.3%) APMEA 4.2% (0.7%) 0.2% (4.6%) (0.1%) (1.0%) Total 3.0% (0.3%) 0.1% (3.9%) (1.4%) (2.5%) 1Dis
Slide 24: EBITDA Margin by Segment
EBITDA Margin by Segment Unallocated 2025 Americas APMEA Europe Group Corporate Revenue €m 3,674 1,644 1,440 - 6,758 EBITDA €m 745 275 252 (64) 1,208 EBITDA Margin 20.3% 16.7% 17.5% 17.9% +60bps +70bps +90bps +80bps 2024 continuing operations Revenue €m 3,764 1,661 1,505 - 6,929 EBITDA €m 741 265 25
Slide 25: Total Net Debt as at December 2025
Total Net Debt as at 31 December 2025 Debt @Floating Rates @ Fixed Rates €m €m €m Euro 2,519 19 2,500 Sterling 7 7 - US Dollar 24 24 - Other 42 42 - Gross debt 2,592 92 2,500 Cash (348) (348) - Total net debt 2,244 (256) 2,500 Gross debt 31 December 2025 4% 96% Gross debt 31 December 2024 7% 93% Wei
Slide 26: EPS Reconciliation
EPS Reconciliation 2025 2024 Performance cent cent Basic EPS -5.7% 400.2 424.5 Brand related intangible asset amortisation 36.0 33.9 Non-trading items (net of related tax) 45.3 9.1 Adjusted EPS +3.0% 481.5 467.5 Impact of exchange rate translation 4.5% Adjusted EPS growth in constant currency +7.5%
Slide 27: Financial Metric Definitions
Financial Metric Definitions Volume Growth Free Cash Flow This represents the sales performance year-on-year, excluding pass- Free cash flow is EBITDA plus movement in average working capital, through pricing on input costs, currency impacts, acquisitions, capital expenditure net (purchase of assets
Slide 28: The Future of Sustainable Nutrition
The Future of Sustainable Nutrition FY2025 Preliminary Statement of Results 17 February 2026